Partnership Firm Registration in Bangalore
Smartcorp offers Partnership firm registration in Bangalore at an affordable cost and in an effective manner in many places of Bangalore including Silk Board, Shanthinagar, domlur and in Yeshwanthpur. In Partnership firm registration, at least two members should join to begin a Partnership firm. The Partnership Act 1932 does not include any limit on the number of partners. However, the Companies Act 1956 lists down that any partnership or combination of above- ten persons if it’s a banking business and twenty persons- if it comes under other business.
It is an illegal business if the firm is not registered, to avoid that issues Partnership Firm registration in Bangalore is essential.The partnership deed should specify the way of sharing profit and loss statement between partners. Significant component of the partnership firm is they can share the profit according to the agreement. Hence agreement lays the foundation for the formation of the firm. Also it is very important to have profit gaining motive which drives the members to run the partnership firm.
Each partner’s have limitless liability in the business. All the partners are individually and jointly responsible for the firm activities and the payment of all debits. It means that the personal assets of a partner can be liquidated to meet the debits of the company. If the money is recovered from a single partner, he/she can claim to the other partners for their share of the debt as per the contract of the partnership.
Steps involved in Partnership Firm Registration
- Step 1: Choose name for a partnership firm
- Step 2: Draft a Partnership Deed.
- Step 3: Pan Card is needed in the name of a Partnership Firm.
- Step 4: File an incorporation application.
- Step 5: Submit the required documents.
- Step 6: Pay the fees and stamp duties.
- Step 7: Finalize the Deed.
- Step 8: Certification from the Registrar.
Documents Required for Partnership Firm Registration
It contains the responsibilities of the firm and partners.
To avoid further issues in shares and Liability and Liability.
Documents of Partners
The document should contain PAN card and Address Proof of Partners
Premise’s Address Proof
The address proof of the premises (rent agreement & any utility bill)
Additional documents needed
The Additional documents must contain organization deed, ID and address proof of the firm.